Evidence That US Housing is Overbuilt
Citing this article on Bloomberg, Paul Kedrosky, author of the blog Infectious Greed, takes a quick look at the current supply of vacant homes in the United States and runs a couple of calculations to put the U.S. housing oversupply in perspective. Sobering.
According to the latest data, the number of vacant U.S. homes touched 18.7-million in the second quarter. That is a daunting figure, of course, but it is more fun to put it in context. Assuming four people per household, the U.S. currently has enough surplus housing to put the entire population of the U.K., with room left over for Israel.
Now we know why you can buy houses in Arizona for $30,000.